Jun 2013 Financial News

Brazil Latin Fund raises US$11.1 million

Jun 12, 2013

It’s official. The Bourse Brazil Latin Fund has been listed on the T&T Stock Exchange Limited (TTSE) and has attracted more than US$10 million in subscriptions, Subhas Ramkhelawan, TTSE incoming chairman and managing director of Bourse Securities Limited, said yesterday. The fund is represented on the TTSE as BBLF and 80 per cent of its investment is done in the Brazilian market, with the remaining 20 per cent in the Latin American market.

“In this first tranche we raised some US$11.1 million and we had some 189 unit holders participating in the fund,” Ramkhelawan said. “That took place via subscription, where investors would have applied to join the fund. Having been received in the fund the next stage is that they can choose to hold, they can choose to sell, they can choose to trade at any point in time. “Rather than coming to Bourse to do that, they now have a national platform which is the TTSE. Any investor can buy through any of the brokers.”

Justifying why Bourse chose Brazil, Ramkhelawan said: “It is becoming more and more difficult for a local investor to go abroad to set up an account to trade in US denominationed investments. If that cannot happen we need to bring US dollar investments to T&T for the benefit of our investors.”

Wayne Iton, chief executive officer of the TTSE, said: “We are really happy to be listing the Brazil Latin Fund in our US dollar market segment. We now have two securities listed in that particular segment. We have a Sagicor preference and now we have the Bourse Brazil Latin Fund. One is a preferential share and the other one is in the mutual fund market.” The TTSE will be officially appointing Ramkhelawan at its next board meeting in April 2014.

Ranjit Jeewan, the outgoing chairman, will not be offering himself for the position.


Source:
Nadaleen Singh
Trinidad Guardian
Wednesday June 12, 2013

http://www.guardian.co.tt/business/2013-06-12/brazil-latin-fund-raises-us111-million